So i dont have 2 keep accruing interest on my credit cards.
2007-12-07 09:55:23 · 10 answers · asked by Jump 1 in Business & Finance ➔ Personal Finance
Pay attention to all the details.. If you don't things will get worse.
====Understood?====
Open a credit card that offers no interest for a period of time. Perhaps a year. Transfer the $6K to that card. There will be a fee... Usually about 3% or $50.
This is the sticky part... paying attention?
DO NOT USE THAT CARD FOR ANYTHING. Throw it away.
If you make purchases on that card you will be paying interest on that item until all of the $6K is paid off.
Pay off the $6K as quickly as possible
DO NOT BE LATE WITH A PAYMENT.
If you are late w/ a payment or exceed your limit...say good bye to 0%.
You can beat them at their own game, so be determined.
2007-12-07 10:06:41 · answer #1 · answered by beckoningsubstitutes 5 · 4⤊ 0⤋
It's 0% interest, but at a 3% fee. They will make more money on the interest they gain in the savings account. I just did this recently (I've been unemployed for a few months, and I start work next month): A few weeks ago, I applied for a Discover card which offers 0% interest on balance transfers for a year. I was thinking ahead. On Monday, with my checking account at it's lowest, I used a convenience check from my Washington Mutual credit card to put a few thousand dollars in my checking account. With that, I paid my rent, and I have enough left to get me past my first payday with the new job. The majority of my necessary purchases are also on my Washington Mutual card (groceries, gas, bills, etc.). 5 days before my Washington Mutual payment is due, I will transfer the entire balance to Discover. The fee will be 3%, but much better than the cash advance fees or the 5.99% interest on using the convenience check.
2016-05-22 01:47:28 · answer #2 · answered by ? 3 · 0⤊ 0⤋
Ask your family and give it to them in writing. Pay them interest of 5% to keep up with inflation. Otherwise you can find a 0% (for a certain timeframe then rate goes as detailed in terms) interest credit card and transfer balance. I hope you aren't still charging on the card. If it is more than one card pay minimum on the lowest interest card and put as much as you can towards the highest interest card. Do this and you will save money (interest you would have paid) in the long run. It won't happen over night but if you change the way you live you will be out of this debt and then you will have learned a lesson. Then that money you would have spent on credit card, put it away in savings or investments and let it work for you.
2007-12-07 10:25:57 · answer #3 · answered by Veritas et Aequitas () 7 · 0⤊ 0⤋
Not in this economic climate I'm afraid. Your best bet is to call the credit card companies and see if you can get your interest rates lowered. Tell them you get credit card offers everyday from other companies and they are better then the one you have right now. But if they could lower your rate then you'll stay. 9.9% is probably the best rate you can get right now.
Then you need to go out to your library and pick up a copy of Dave Ramsey's Total Money Makeover. He'll walk you through a way to pay off those stupid cards and be done with them for good. Dave will change your life.
2007-12-07 16:48:59 · answer #4 · answered by voluntarheel 5 · 0⤊ 0⤋
BWAHAHAHAHAHA, You crack me up!
U have 2 credit cards & $6,0000 in card debt and NOW you wanna know if there's any free money lying around ( I assume if it's interest free & no charges you'll probably pay it back when you're 87 years old).
HAhahahah. Sure there's plenty of free money. Go ask the tooth fairy. She's always giving out free money. ( She may, however, take all your teeth).
BWAHAHAHAHAHAA
2007-12-07 10:52:39 · answer #5 · answered by john p 3 · 1⤊ 0⤋
Huh ? I suppose if you can find someone to lend you $6,000 with no interest charges, you could do that. But it would most probably be a very kind relative. I can't imagine anyone else doing it.
2007-12-07 10:02:19 · answer #6 · answered by acermill 7 · 1⤊ 0⤋
So basically your looking for someone to just give you money and you can pay it back for nothing?
The only place I can think of that would make that sort of arrangement is your family or parents. No bank or lending company would ever make that sort of arrangement with you.
2007-12-07 10:03:10 · answer #7 · answered by Gallo 3 · 0⤊ 0⤋
I suggest you save your money (try dave ramsey program)
2007-12-07 10:04:57 · answer #8 · answered by hulagirl101194 1 · 0⤊ 0⤋
no -- but your can quit charging an pay more than the required amount!!!
2007-12-11 00:49:00 · answer #9 · answered by Anonymous · 0⤊ 0⤋
you need to CONSOLIDATE. then you need to lock up your plastic, pay your checking account overdraft fee then manage a debit account.
2007-12-07 10:09:39 · answer #10 · answered by Anonymous · 0⤊ 0⤋